The Pakistan Stock Exchange (PSX) remained in the grip of selling pressure for the fourth consecutive day on Thursday, as investors stayed cautious of the economic outlook as the stalemate in the Middle East conflict persisted, driving oil prices high.
In the early hours of business, the PSX’s benchmark KSE -100 Index plummeted by over 3,200 points.
At 10:20 am, the index recovered a few hundred points and was trading at 162,929.02 points, down by 2,894.78 points or minus 1.78 percent.
Of the 560 companies traded so far, share prices of 85 companies were up, 333 were down and 142 remained unchanged.
Selling was observed in key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation.
Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, MCB, MEBL and UBL, traded in the red.
On the last day of trading on Wednesday, the PSX had come under heavy selling pressure as disappointing corporate earnings, weakness in heavyweight stocks and cautious sentiment amid rising oil prices and geopolitical concerns pushed the Index sharply lower.
The benchmark KSE-100 Index had plunged 2,588.35 points, or 1.54%, to close at 165,823.88 points.
Market participants remained cautious despite recent remarks by the finance minister, who said that Saudi financial support had stabilised the external position, reducing the need for further bilateral assistance from other friendly countries.
He indicated a shift towards commercial borrowing, including plans to raise $250 million through a Panda bond next month.